Step Three – Budget

Where do I start creating a budget? Always begin with the overall budget. Global studies have found a common trend, kitchen, bathroom, and laundry renovations are usually within 10% and 20% of the home’s current value, per area or each. So, if your home is worth $300,000 you should spend between $30,000 and $60,000.

The good news is while you can enjoy a renovation while you live in your home, a renovation can get you a return of 90% – 150%, so you can make money completing a renovation due to the value it adds to your home.

Lets breakdown the budget into the main categories, hardware, appliances, countertops, plumbing fixtures sink, faucet etc, lighting, flooring, and construction (demolition/removal and installation).

We usually see a breakdown of costs like this:

• Cabinets (including hardware) 25-40%
• Appliances 10-20%
• Countertops 10-20%
• Plumbing fixtures (sink, faucet, disposal etc) 5-15%
• Lighting 1-10%
• Flooring 5-20%
• Construction (demolition / removal and installation) 30-40%

Please remember, these are just average percentages. The final budget could be completely different depending on your selections, but this is a starting point.

The next step is to contact David from JahDav for an estimate. Be sure to bring everything you have written down in your Gather Ideas folder including photos, documents, Likes and Dislikes lists, Must, Wants and Wishes.